Rates of income tax for the Financial year 2019-2020 | Assessment Year 2020-2021

No change in the Income Tax Slabs rate and exemption limit for Individual Person in Assessment Year 2019-2020 and Financial year 2019-20.There is no change in the rate of Education Cess and Secondary 2% & Higher Education cess 1% on . Official Income Tax of India Indusual Income Tax.Housing Loan Principal Amount Exemption and Housing Loan Interest Deduction Income Tax 2019-20 .Educational Loan and Two Children Tuition fee Reimbursement No tax. I prepared One Model Income Tax Calculation 2018-19 financial year.

Income Tax Slabs for the Individual (Below 60 Years Age) for the Assessment Year 2019-2020

S. No.

Income Tax Slab

Income Tax Rate Payable

1.

Rs. 0 to 250,000

No Income Tax

2.

Rs. 250,001 to 500,000

No Tax

3.

Rs. 500,001 to 1,000,000

20%

4.

Rs. 1,000,001 and above

30%

Income Tax Slabs for the Senior Citizen (60 to 80 Years Age) for the Assessment Year 2018-2019

S. No.

Income Tax Slab

Income Tax Rate Payable

1.

Rs. 0 to 300,000

No Income Tax

2.

Rs. 300,001 to 500,000

No Tax

3.

Rs. 500,001 to 1,000,000

20%

4.

Rs. 1,000,001 and above

30%

80C & 80CCE- Maximum Exemption up to Rs.150000

Investments up to Rs.1.5 lac in PF, VPF, PPF, Employee Contribution in NPS,Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income. There is no limit on individual items, (for example) all 1 lac can be invested in NSC or PPF etc.